We develop and test a frog-in-the-pan (FIP) hypothesis that predicts investors are less attentive to information … arriving continuously in small amounts than to information with the same cumulative stock price implications arriving in large … than infrequent dramatic changes and construct an information discreteness measure to capture the intensity of firm …

We test a frog-in-the-pan (FIP) hypothesis that predicts investors are inattentive to information arriving continuously … infrequent dramatic changes. Consistent with the FIP hypothesis, we find that continuous information induces strong persistent … continuous information during their formation period to -2.07% for stocks with discrete information but similar cumulative …

We investigate whether access to information prior to an IPO generates a trading advantage after the IPO. We find that … funds. These returns are not explained by LPs' differing stock picking abilities, and are higher when LPs' information … advantage over the public is higher. Further, LPs' access to information eliminates the familiarity bias that they display …